Long-term government policy needed for Mongolia’s investment environmentEconomy
Ulaanbaatar /MONTSAME/. Executive members of the Mongolian-European Cooperation Chamber of Commerce and Industry (EuroChamber Mongolia) highlights that a long-term government policy is necessary for the country’s economy and business environment in order to boost foreign investment in Mongolia.
More specifically, the Chamber’s proposal for policy titled, ‘Foreign investment environment in Mongolia, challenges, and the path forward’, reflects that it is necessary to have an investment environment that can be estimated alongside being transparent, fair, comprehensible, and simple. Regarding the stance, EuroChamber Mongolia Executive Director Tomas Bravenec and Secretary of the Board Oliver Thirlwall gave further details during a press conference on October 22.
Noting the importance of improving the public’s knowledge about a positive investment climate, Mr. Tomas Bravenec highlighted the importance of improving the public knowledge about positive investment climate in order to boost the socio-economic development of a developing country. “Mongolia has the advantage of attracting a lot of interest from foreign investors. However, it is not possible to acquire a large amount of investment without making comprehensive reforms in Mongolia’s investment environment.”
The proposal for policy was developed based on the research carried out by analysts as well as the suggestion and requests received from the Chamber’s member companies and entities. To resolve the challenges and difficulties being faced by foreign investors in Mongolia, the EuroChamber put forth suggestions such as the following:
improve the corresponding legislation by reflecting international agreements,
reduce the abuse of the judicial system, and eliminate the conditions that require the situation to be resolved by court,
carry out promotional works to increase the country’s competitiveness
Expressing support for the Government’s policy on digitization, the Chamber recommended providing support for the domestic IT sector, improving the implementation of digital signatures, and creating the condition for entities to be able to pay their taxes online.
The Mongolian-European Cooperation Chamber of Commerce and Industry was established in 2019 in aims of supporting business and trade between Mongolia and Europe. With some 160 members, Mongolian companies and entities make up over 60 percent of its members.